"Deepening bank crisis puts NYC in peril" - Crains NY Jan. 18, 2009
Started by hejiranyc
over 17 years ago
Posts: 255
Member since: Jan 2009
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Lots of sensational quotes in this article... it will definitely pluck away at your inner schadenfreude!: http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20090118/FREE/301189985 These are my favorite quotes: “I think '09 is going to be one of the worst years the city has seen in many decades,” says Marisa DiNatale, senior economist at Moody's Economy.com. “It could be the worst ever.” “... [more]
Lots of sensational quotes in this article... it will definitely pluck away at your inner schadenfreude!:
http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20090118/FREE/301189985
These are my favorite quotes:
“I think '09 is going to be one of the worst years the city has seen in many decades,” says Marisa DiNatale, senior economist at Moody's Economy.com. “It could be the worst ever.”
“It's the kind of news that underscores why we said before that 'chances are things could get even worse,' “ says Doug Turetsky, chief of staff of the Independent Budget Office, which just two weeks ago predicted that the city would lose 243,000 jobs through 2010. “This makes things a little bit worse than where we were with that forecast.”
"This is worse, because it is broader-based,” says Mr. Holland. “In the '70s, several brokerage firms went out of business, but nothing like what we've seen lately.”
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Response by Special_K
over 17 years ago
Posts: 638
Member since: Aug 2008
Thanks for the post, I wouldn't be surprised to see that layoff number hit 350k by the time all is said and done.
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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008
that's gonna leave a mark...
I find Crain's to be one of the most spot on rags about NYC...
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
mainly because it is the only real local business coverage. Times doesn't really do any significant local, post and daily news are tabloids, the business coverage is useless.
They're also much more in touch with actual local companies and trade groups, and don't get their info from PR firms and brokerages (like the Times RE section).
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Response by Otto
over 17 years ago
Posts: 128
Member since: Dec 2008
if the banks are in such a crisis, they should close down all the branch offices that sit on EVERY SINGLE BLOCK of Manhattan south of 96th Street. Bank of America recently opened a huge space on 65th and Third in the SAME BUILDING as a Commerce (now TD) Bank! My tax dollars at work. Sheesh, damn bunch of thieves.
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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008
Otto...you don't know the half of it. I'd do a ton of transactions with the structured finance group in my bank... AKA let's not pay taxes and split the savings between our clients and our bank. We'd spend months/years "structuring" loans that were nothing more than a re-patriating profits from their over-seas operations.
Thanks for the post, I wouldn't be surprised to see that layoff number hit 350k by the time all is said and done.
that's gonna leave a mark...
I find Crain's to be one of the most spot on rags about NYC...
mainly because it is the only real local business coverage. Times doesn't really do any significant local, post and daily news are tabloids, the business coverage is useless.
They're also much more in touch with actual local companies and trade groups, and don't get their info from PR firms and brokerages (like the Times RE section).
if the banks are in such a crisis, they should close down all the branch offices that sit on EVERY SINGLE BLOCK of Manhattan south of 96th Street. Bank of America recently opened a huge space on 65th and Third in the SAME BUILDING as a Commerce (now TD) Bank! My tax dollars at work. Sheesh, damn bunch of thieves.
Otto...you don't know the half of it. I'd do a ton of transactions with the structured finance group in my bank... AKA let's not pay taxes and split the savings between our clients and our bank. We'd spend months/years "structuring" loans that were nothing more than a re-patriating profits from their over-seas operations.